Global-e Online Ltd. (Nasdaq: GLBE) the global leader
ofDirect-To-Consumer cross border eCommerce enablement, today
reported financial results for the second quarter of 2022.
“The record results we are publishing today for the second
quarter of 2022, together with the updated guidance for the third
quarter and full year, illustrate the continued momentum of our
business, as evident from top-linegrowth, improved profitability
and the strong new bookings pipeline,” said Amir Schlachet, Founder
and CEO of Global-e. “We remain focused on executing across all
fronts,to tap the massiveglobal direct-to-consumer
opportunity.”
Q2
2022 Financial
Results
- GMV1 in the second quarter of 2022 was
$534 million, an increase of 64% year over year
- Revenue in the second quarter of 2022
was $87.3 million, an increase of 52% year over year, of which
service fees revenue was $39.3 million and fulfillment services
revenue was $48.0 million
- Non-GAAP gross profit2 in the second
quarter of 2022 was $36.5 million, an increase of 77% year over
year. GAAP gross profit in the second quarter of 2022 was $34.3
million
- Non-GAAP gross margin2 in the second
quarter of 2022 was 41.8%, an increase of 580 basis points from
36.0% in the second quarter of 2021. GAAP gross margin in the
second quarter of 2022 was 39.3%
- Adjusted EBITDA3 in the second quarter
of 2022 was $11.1 million compared to $7.6 million in the second
quarter of 2021
- Net loss in the second quarter of 2022
was $48.8 million
Recent Business Highlights
- Launched partnership withDisney,one of
the world’s most well-known brands, to support their
direct-to-consumer efforts, based on ourmulti-local offering
- Launched several markets in the APAC
region, as a first phase
- Continued launching withnumerous
exciting brands across geographies and verticals, with notable
examples being:
- Leading fashion brands Rag &
Bone and Zadig&Voltaire, as well as the official tennis
merchandize store of Wimbledon, and the luxury watches brand
Zenith, expanding our partnership with the LVMH group
- Several celebrity brands and other
fast-growing digitally native brands, such as Justin Bieber’s
fashion brand drew house, the highly successful training apparel
brand NOBULL, as well as SKKN, another brand by Kim Kardashian,
augmenting our successful partnership with SKIMS
- APAC expansion continues with the
launches of Triangl Swimwear out of Hong-Kong, and Ryderwear, our
first live Australian merchant, as well as the signing of our first
ever Japanese merchant
- Expanded activity with brands such as
adidas and Suunto, which added additional lanes to be operated by
Global-e
- Continued accelerated growth of the
US-outbound business, with revenues up 104% year-over-year
- Penetration efforts into new markets
are starting to show initial positive results
- While still relatively small in
share, APAC and the Middle East outbound revenues have grown 213%
year-over-year
- Strategic partnership with Shopify remains on track
- On the Global-e enterprise offering side, dozens of merchants
of different sizes are already live on our new native integration
into the Shopify platform
- Booked our first live orders as part of the alpha trials of the
new white-label Merchant of Record solution on Shopify, built upon
the Flow Commerce technology
- Post-merger integration processes are
on track with earlier than planned synergies realization in Flow
and the Borderfree process progressing
Q3 and Full
Year Outlook
Global-e is introducing third quarter guidance and raising
previously issued guidance for the fiscal year as follows:
|
|
Q3 2022 |
|
FY 2022 |
|
|
(in millions) |
GMV |
$600 - $614 |
|
$2,450 - $2,550 |
Revenue |
$99.5 - $102.5 |
|
$406 - $426 |
Adjusted EBITDA (1) |
$8.5 - $11.5 |
|
$41 - $46 |
Of this, Borderfree is expected to contribute:
- Q3 2022: GMV of $50-54 million, at a similar take rate to
Global-e’s
- FY 2022: GMV of $125-135 million, at a similar take rate to
Global-e’s
- A slightly negative adjusted EBITDA both in Q3 2022 and in FY
2022
Given the macro environment uncertainty, we will provide
investors with updated business trends as they evolve.
1 Gross Merchandise Value (GMV) is a non-GAAP operating metric.
See “Non-GAAP Financial Measures and Key Operating Metrics” for
additional information regarding this metric.
2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP
financial measures. See “Non-GAAP Financial Measures and Key
Operating Metrics” for additional information regarding this
metric.
3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP
Financial Measures” for additional information regarding this
metric, including the reconciliations to Operating Profit (Loss),
its most directly comparable GAAP financial measure. The Company is
unable to provide a reconciliation of Adjusted EBITDA to Operating
Profit (Loss), its most directly comparable GAAP financial measure,
on a forward-looking basis without unreasonable effort because
items that impact this GAAP financial measure are not within the
Company’s control and/or cannot be reasonably predicted. These
items may include, but are not limited to, share based compensation
expenses. Such information may have a significant, and potentially
unpredictable impact on the Company’s future financial results.
Conference Call Information:
Global-e will host a conference call at 8:00 a.m. ET on Tuesday,
August 16, 2022.The call will be available, live, to interested
parties by dialing:
United
States/Canada Toll Free: |
1-877-704-4453 |
International Toll: |
1-201-389-0920 |
A live webcast will also be available in the Investor Relations
section of Global-e’s website at:
https://investors.global-e.com/news-events/events-presentations
Approximately two hours after completion of the live call, an
archived version of the webcast will be available on the Investor
Relations section of the Company’s web site and will remain
available for approximately 30 calendar days.
Non-GAAP Financial Measures
To supplement Global-e’s financial information presented in
accordance with generally accepted accounting principles in the
United States of America, or GAAP, Global-e considers certain
financial measures and key performance metrics that are not
prepared in accordance with GAAP including:
- Non-GAAP gross profit, which Global-e defines as gross profit
excluding amortization of acquired intangibles. Non-GAAP gross
margin is calculated Non-GAAP gross profit divided by revenues
- Adjusted EBITDA, which Global-e defines as operating profit
(loss) adjusted for stock-based compensation expenses, depreciation
and amortization, commercial agreements amortization, amortization
of acquired intangibles, merger related contingent consideration
and acquisition related expenses. Adjusted EBITDA is frequently
used by analysts, investors and other interested parties to
evaluate companies in our industry. We believe that Adjusted EBITDA
is an appropriate measure of operating performance because it
eliminates the impact of expenses that do not relate directly to
the performance of the underlying business.
Global-e uses the Non-GAAP measures in conjunction with GAAP
measures as part of Global-e’s overall assessment of its
performance, including the preparation of Global-e’s annual
operating budget and quarterly forecasts, to evaluate the
effectiveness of Global-e’s business strategies, and to communicate
with Global-e’s board of directors concerning its financial
performance. The Non-GAAP measures are used by our management to
understand and evaluate our operating performance and trends.
Global-e’s definition of Non-GAAP measures may differ from the
definition used by other companies and therefore comparability may
be limited. In addition, other companies may not publish these
metrics or similar metrics. Furthermore, these metrics have certain
limitations in that they do not include the impact of certain
expenses that are reflected in our consolidated statement of
operations that are necessary to run our business. Thus, Non -GAAP
measures should be considered in addition to, not as substitutes
for, or in isolation from, measures prepared in accordance with
GAAP.
Global-e also uses Gross Merchandise Value (GMV) as a key
operating metric. Gross Merchandise Value or GMV is defined as the
combined amount we collect from the shopper and the merchant for
all components of a given transaction, including products, duties
and taxes and shipping.
For more information on the non-GAAP financial measures, please
see the reconciliation tables provided below. The accompanying
reconciliation tables have more details on the GAAP financial
measures that are most directly comparable to non-GAAP financial
measures and the related reconciliations between these financial
measures.
Cautionary Note Regarding Forward Looking
Statements
Certain statements in this press release may constitute
“forward-looking” statements and information, within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995,
including statements regarding Global-e’s operations, strategy and
Global-e’s projected revenue and other future financial and
operational results. These forward-looking statements generally are
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
announcement, including but not limited to, the ability to retain
merchants or the GMV generated by such merchants; the ability to
attract new merchants; our expectations regarding our revenue,
expenses and operations; anticipated trends and challenges in our
business and the markets in which we operate; our ability to
compete in our industry; our ability to anticipate merchant needs
or develop or acquire new functionality or enhance our existing
platform to meet those needs; our ability to manage our growth and
manage expansion into additional markets; our ability to establish
and protect intellectual property rights; our ability to hire and
retain key personnel; our expectations regarding the use of
proceeds from our initial public offering; our ability to adapt to
emerging or evolving regulatory developments, technological
changes, and cybersecurity needs; our anticipated cash needs and
our estimates regarding our capital requirements and our needs for
additional financing; the impact of the COVID-19 pandemic,
including variants, and related vaccination roll out efforts; and
the other risks and uncertainties described in Global-e’s Annual
Report on Form 20-F for the year ended December 31, 2021, filed
with the SEC on March 28, 2022 and other documents filed with or
furnished by Global-e from time to time with the SEC. The foregoing
list of factors is not exhaustive. You should carefully consider
the foregoing factors. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. These statements reflect management’s
current expectations regarding future events and operating
performance and speak only as of the date of this press release.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
that future results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be
achieved or will occur. Except as required by applicable law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
About Global-E Online Ltd.
Global-e (Nasdaq: GLBE) is the world's leading platform
enabling and accelerating global, direct-to-consumer cross-border
e-commerce. The chosen partner of hundreds of brands and retailers
across the United States, Europe and Asia,
Global-e makes selling internationally as simple as selling
domestically. The company enables merchants to increase the
conversion of international traffic into sales by offering online
shoppers in over 200 destinations worldwide a seamless, localized
shopping experience. Global-e's end-to-end e-commerce solutions
combine best-in-class localization capabilities, big-data
best-practice business intelligence models, streamlined
international logistics and vast cross-border experience, enabling
international shoppers to buy seamlessly online and retailers to
sell to, and from, anywhere in the world. Founded in 2013
by Amir Schlachet, Shahar Tamari and Nir
Debbi, Global-e operates from eight offices worldwide. For
more information, please visit: www.global-e.com
Investor Contact:Erica Mannion or Mike
FunariSapphire Investor Relations, LLCIR@global-e.com +1
617-542-6180
Press Contact:Headline MediaGarrett Krivicich
Globale@headline.media +1 786-233-7684
Global-E Online
Ltd. |
|
CONSOLIDATED
BALANCE
SHEETS |
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
|
|
December 31, |
|
|
June 30, |
|
|
|
2021 |
|
|
2022 |
|
|
|
(Audited) |
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
448,623 |
|
|
$ |
232,971 |
|
Short-term
deposits |
|
|
41,985 |
|
|
|
35,079 |
|
Accounts
receivable, net |
|
|
9,185 |
|
|
|
9,344 |
|
Prepaid
expenses and other current assets |
|
|
46,568 |
|
|
|
52,598 |
|
Marketable
securities |
|
|
18,464 |
|
|
|
16,492 |
|
Funds
receivable, including cash in banks |
|
|
57,635 |
|
|
|
63,627 |
|
Total
current assets |
|
|
622,460 |
|
|
|
410,111 |
|
Property and
equipment, net |
|
|
3,269 |
|
|
|
9,431 |
|
Operating
lease right-of-use assets |
|
|
20,108 |
|
|
|
20,565 |
|
Long term
deposits |
|
|
2,219 |
|
|
|
2,288 |
|
Deferred
contract acquisition costs, noncurrent |
|
|
1,314 |
|
|
|
1,638 |
|
Other
assets, noncurrent |
|
|
213 |
|
|
|
190 |
|
Commercial
agreement asset |
|
196,544 |
|
|
|
280,861 |
|
Goodwill and
other intangible assets |
|
|
- |
|
|
|
366,221 |
|
Total
long-term assets |
|
|
223,667 |
|
|
|
681,194 |
|
Total
assets |
|
$ |
846,127 |
|
|
$ |
1,091,305 |
|
Liabilities, Convertible Preferred Shares and
Shareholders’ (Deficit)
Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
24,064 |
|
|
$ |
30,089 |
|
Accrued
expenses and other current liabilities |
|
|
47,358 |
|
|
|
51,681 |
|
Funds
payable to Customers |
|
|
57,635 |
|
|
|
63,627 |
|
Short term
operating lease liabilities |
|
|
2,517 |
|
|
|
3,316 |
|
Total
current liabilities |
|
|
131,574 |
|
|
|
148,713 |
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
Long term
operating lease liabilities |
|
|
18,803 |
|
|
|
16,932 |
|
Total
liabilities |
|
$ |
150,377 |
|
|
$ |
165,645 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ deficit: |
|
|
|
|
|
|
|
|
Share
capital and additional paid-in capital |
|
|
823,550 |
|
|
|
1,157,398 |
|
Accumulated
comprehensive income |
|
|
(159 |
) |
|
|
(1,714 |
) |
Accumulated
deficit |
|
|
(127,641 |
) |
|
|
(230,024 |
) |
Total
shareholders’ (deficit) equity |
|
|
695,750 |
|
|
|
925,660 |
|
Total
liabilities, convertible preferred shares and shareholders’
(deficit) equity |
|
$ |
846,127 |
|
|
$ |
1,091,305 |
|
|
|
|
|
|
|
|
|
|
Global-E
Online Ltd. |
|
CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
(In
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Revenue |
|
$ |
57,287 |
|
|
$ |
87,305 |
|
|
$ |
103,438 |
|
|
$ |
163,628 |
|
Cost of
revenue |
|
|
36,687 |
|
|
|
52,954 |
|
|
|
67,471 |
|
|
|
102,094 |
|
Gross
profit |
|
|
20,600 |
|
|
|
34,351 |
|
|
|
35,967 |
|
|
|
61,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
5,739 |
|
|
|
17,597 |
|
|
|
11,182 |
|
|
|
35,284 |
|
Sales and
marketing |
|
|
30,017 |
|
|
|
50,986 |
|
|
|
33,117 |
|
|
|
100,625 |
|
General and
administrative |
|
|
4,337 |
|
|
|
15,071 |
|
|
|
7,051 |
|
|
|
26,611 |
|
Total
operating expenses |
|
|
40,093 |
|
|
|
83,654 |
|
|
|
51,350 |
|
|
|
162,520 |
|
Operating
profit (loss) |
|
|
(19,493 |
) |
|
|
(49,303 |
) |
|
|
(15,383 |
) |
|
|
(100,986 |
) |
Financial
expenses, net |
|
|
2,420 |
|
|
|
(680 |
) |
|
|
8,129 |
|
|
|
986 |
|
Loss before
income taxes |
|
|
(21,913 |
) |
|
|
(48,623 |
) |
|
|
(23,512 |
) |
|
|
(101,972 |
) |
Income
taxes |
|
|
311 |
|
|
|
174 |
|
|
|
461 |
|
|
|
411 |
|
Net loss
attributable to ordinary shareholders |
|
$ |
(22,224 |
) |
|
$ |
(48,797 |
) |
|
$ |
(23,973 |
) |
|
$ |
(102,383 |
) |
Basic and
diluted net loss per share attributable to ordinary
shareholders |
|
$ |
(0.25 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.66 |
) |
Basic and
diluted weighted average ordinary shares |
|
|
87,308,647 |
|
|
|
156,891,201 |
|
|
|
54,750,595 |
|
|
|
155,636,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global-E
Online
Ltd. |
|
CONSOLIDATED
STATEMENTS OF CASH
FLOWS |
|
(In
thousands) |
|
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
(loss) |
|
$ |
(22,224 |
) |
|
$ |
(48,797 |
) |
|
$ |
(23,973 |
) |
|
$ |
(102,383 |
) |
Adjustments
to reconcile net profit (loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
69 |
|
|
|
330 |
|
|
|
131 |
|
|
|
594 |
|
Share-based compensation expense |
|
|
1,551 |
|
|
|
12,843 |
|
|
|
2,618 |
|
|
|
20,772 |
|
Commercial agreement asset |
|
|
25,486 |
|
|
|
37,433 |
|
|
|
25,486 |
|
|
|
74,182 |
|
Amortization of intangible assets |
|
|
- |
|
|
|
6,049 |
|
|
|
- |
|
|
|
12,665 |
|
Long term deposit revaluation |
|
|
- |
|
|
|
(38 |
) |
|
|
- |
|
|
|
6 |
|
Accounts receivable |
|
|
(1,530 |
) |
|
|
728 |
|
|
|
(573 |
) |
|
|
4,721 |
|
Prepaid expenses and other assets |
|
|
(7,561 |
) |
|
|
(1,334 |
) |
|
|
(5,432 |
) |
|
|
(4,725 |
) |
Funds receivable |
|
|
(7,452 |
) |
|
|
960 |
|
|
|
(9,520 |
) |
|
|
20,125 |
|
Long-term receivables |
|
|
957 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
Funds payable to customers |
|
|
6,122 |
|
|
|
18,175 |
|
|
|
(3,500 |
) |
|
|
3,238 |
|
Operating lease ROU assets |
|
|
208 |
|
|
|
657 |
|
|
|
590 |
|
|
|
1,455 |
|
Deferred contract acquisition costs |
|
|
(184 |
) |
|
|
(230 |
) |
|
|
(374 |
) |
|
|
(475 |
) |
Accounts payable |
|
|
2,857 |
|
|
|
2,699 |
|
|
|
(6 |
) |
|
|
2,263 |
|
Accrued expenses and other liabilities |
|
|
7,163 |
|
|
|
4,501 |
|
|
|
(4,406 |
) |
|
|
(4,543 |
) |
Deferred tax liabilities |
|
|
8 |
|
|
|
- |
|
|
|
19 |
|
|
|
- |
|
Operating lease liabilities |
|
|
(163 |
) |
|
|
(2,128 |
) |
|
|
(628 |
) |
|
|
(2,985 |
) |
Impairment of marketable securities |
|
|
- |
|
|
|
48 |
|
|
|
- |
|
|
|
62 |
|
Warrants liabilities to preferred shares |
|
|
1,625 |
|
|
|
- |
|
|
|
5,872 |
|
|
|
- |
|
Net cash used in operating activities |
|
|
6,932 |
|
|
|
31,896 |
|
|
|
(13,696 |
) |
|
|
24,972 |
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in marketable securities |
|
|
(508 |
) |
|
|
(357 |
) |
|
|
(2,154 |
) |
|
|
(7,555 |
) |
Proceeds from marketable securities |
|
257 |
|
|
|
752 |
|
|
257 |
|
|
|
7,910 |
|
Purchases of short-term investments |
|
|
(64,360 |
) |
|
|
(197 |
) |
|
|
(71,913 |
) |
|
|
(31,495 |
) |
Purchases of long-term investments |
|
|
(31 |
) |
|
|
- |
|
|
|
(49 |
) |
|
|
- |
|
Proceeds from short-term investments |
|
|
- |
|
|
|
35,000 |
|
|
|
- |
|
|
|
38,400 |
|
Purchases of property and equipment |
|
|
(149 |
) |
|
|
(1,900 |
) |
|
|
(263 |
) |
|
|
(6,584 |
) |
Payments for business combinations, net of cash acquired |
|
|
- |
|
|
|
(1,471 |
) |
|
|
- |
|
|
|
(217,083 |
) |
Net cash used in investing activities |
|
|
(64,791 |
) |
|
|
31,827 |
|
|
|
(74,122 |
) |
|
|
(216,407 |
) |
Financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of Warrants to ordinary shares |
|
|
- |
|
|
15 |
|
|
|
- |
|
|
43 |
|
Proceeds from issuance of Ordinary shares in IPO, net of issuance
costs |
|
396,983 |
|
|
|
- |
|
|
396,983 |
|
|
|
- |
|
Proceeds from exercise of share options |
|
|
20 |
|
|
|
386 |
|
|
|
173 |
|
|
|
488 |
|
Net cash provided by financing activities |
|
|
397,003 |
|
|
|
401 |
|
|
|
397,156 |
|
|
|
531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease
in cash, cash equivalents, and restricted cash |
|
|
339,144 |
|
|
|
64,124 |
|
|
|
309,338 |
|
|
|
(190,904 |
) |
Cash and
cash equivalents and restricted cash—beginning of period |
|
|
55,227 |
|
|
|
203,871 |
|
|
|
85,033 |
|
|
|
458,899 |
|
Cash and
cash equivalents and restricted cash—end of period |
|
$ |
394,371 |
|
|
$ |
267,995 |
|
|
$ |
394,371 |
|
|
$ |
267,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global-E
Online
Ltd. |
SELECTED
OTHER DATA |
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Key
performance metrics |
|
|
|
|
|
|
Gross Merchandise Value |
|
|
326,231 |
|
|
|
|
|
|
|
534,459 |
|
|
|
|
|
|
|
592,786 |
|
|
|
|
|
|
|
989,752 |
|
|
|
|
|
Adjusted EBITDA (a) |
|
|
7,613 |
|
|
|
|
|
|
|
11,128 |
|
|
|
|
|
|
|
12,852 |
|
|
|
|
|
|
|
14,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees |
|
|
21,106 |
|
|
|
37 |
% |
|
|
39,324 |
|
|
|
45 |
% |
|
|
38,202 |
|
|
|
37 |
% |
|
|
71,272 |
|
|
|
44 |
% |
Fulfillment services |
|
|
36,181 |
|
|
|
63 |
% |
|
|
47,981 |
|
|
|
55 |
% |
|
|
65,236 |
|
|
|
63 |
% |
|
|
92,356 |
|
|
|
56 |
% |
Total revenue |
|
$ |
57,287 |
|
|
|
100 |
% |
|
$ |
87,305 |
|
|
|
100 |
% |
|
$ |
103,438 |
|
|
|
100 |
% |
|
$ |
163,628 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by merchant outbound region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom |
|
|
27,706 |
|
|
|
48 |
% |
|
|
33,963 |
|
|
|
39 |
% |
|
|
49,250 |
|
|
|
48 |
% |
|
|
62,244 |
|
|
|
38 |
% |
United States |
|
|
16,638 |
|
|
|
29 |
% |
|
|
33,944 |
|
|
|
39 |
% |
|
|
29,845 |
|
|
|
29 |
% |
|
|
61,865 |
|
|
|
38 |
% |
European Union |
|
|
12,433 |
|
|
|
22 |
% |
|
|
17,798 |
|
|
|
20 |
% |
|
|
23,581 |
|
|
|
23 |
% |
|
|
36,852 |
|
|
|
23 |
% |
Israel |
|
|
243 |
|
|
|
0 |
% |
|
|
263 |
|
|
|
0 |
% |
|
|
494 |
|
|
|
0 |
% |
|
|
628 |
|
|
|
0 |
% |
Other |
|
267 |
|
|
0 |
% |
|
|
1,337 |
|
|
|
2 |
% |
|
268 |
|
|
0 |
% |
|
|
2,039 |
|
|
|
1 |
% |
Total revenue |
|
$ |
57,287 |
|
|
|
100 |
% |
|
$ |
87,305 |
|
|
|
100 |
% |
|
$ |
103,438 |
|
|
|
100 |
% |
|
$ |
163,628 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See reconciliation to adjusted
EBITDA table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global-E
Online
Ltd. |
|
|
RECONCILIATION TO Non-GAAP GROSS
PROFIT |
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
|
June 30, |
|
|
June 30, |
|
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
(Unaudited) |
Gross
Profit |
|
|
20,600 |
|
|
|
34,351 |
|
|
|
35,967 |
|
|
|
61,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
of acquired intangibles included in cost of revenue |
|
|
- |
|
|
|
2,198 |
|
|
|
- |
|
|
|
4,874 |
|
|
Non-GAAP
gross profit |
|
|
20,600 |
|
|
|
36,549 |
|
|
|
35,967 |
|
|
|
66,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global-E
Online
Ltd. |
|
|
RECONCILIATION TO ADJUSTED
EBITDA |
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
|
June 30, |
|
|
June 30, |
|
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
Operating
profit (loss) |
|
|
(19,493 |
) |
|
|
(49,303 |
) |
|
|
(15,383 |
) |
|
|
(100,986 |
) |
|
(1) Stock-based compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
19 |
|
|
|
52 |
|
|
|
39 |
|
|
|
88 |
|
|
Research and development |
|
|
222 |
|
|
|
5,296 |
|
|
|
444 |
|
|
|
10,448 |
|
|
Selling and marketing |
|
|
223 |
|
|
|
1,706 |
|
|
|
444 |
|
|
|
2,465 |
|
|
General and administrative |
|
|
1,087 |
|
|
|
5,788 |
|
|
|
1,691 |
|
|
|
7,771 |
|
|
Total stock-based compensation |
|
|
1,551 |
|
|
|
12,842 |
|
|
|
2,618 |
|
|
|
20,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Depreciation and amortization |
|
|
69 |
|
|
|
330 |
|
|
|
131 |
|
|
|
594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Commercial agreement asset amortization |
|
25,486 |
|
|
|
37,433 |
|
|
25,486 |
|
|
|
74,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Amortization of acquired intangibles |
|
- |
|
|
|
6,049 |
|
|
- |
|
|
|
12,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Merger related contingent consideration |
|
- |
|
|
|
3,026 |
|
|
- |
|
|
|
5,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Acquisition related costs |
|
- |
|
|
|
751 |
|
|
- |
|
|
|
1,198 |
|
|
Adjusted
EBITDA |
|
|
7,613 |
|
|
|
11,128 |
|
|
|
12,852 |
|
|
|
14,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global E Online (NASDAQ:GLBE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Global E Online (NASDAQ:GLBE)
Historical Stock Chart
From Apr 2023 to Apr 2024